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Sale Likely; Mayor Begging Company to Stay

Claiming there is a grander vision here than just a casino, the mayor has again said he wants Wynn Boston Harbor to remain the developer of the casino.

The mayor insists that Wynn Resorts, and this Everett project, is far too important to the city, and especially to where the casino is being located, for any changes in ownership to be made.

“I am deeply concerned that a new owner would not honor that vision and could have plans that fall far short of what we want to see happen- a complete transformation of an area that had been blighted, contaminated, and underutilized before the Wynn development team arrived,” said the mayor.

This press release made on April 13 reveals that the mayor was, in this instance, working overtime, as city hall is closed on Fridays.

The mayor’s wishes for Wynn Resorts to stay runs against the strong wishes of the governor and the Attorney General and even the Boston press, who have all said officially or editorially the company has revealed itself in one way or another to be unsuitable.

In addition, the Massachusetts Gaming Commission is conducting an ongoing investigation as to the company’s suitability to be a license holder and only last week Commission Chairman Stephen Crosby said Wynn Resorts is now building out the $2.5 billion project “at its own risk.”

Rumors have abounded that the Boston/Everett project is for sale and that negotiations have already begun to find just the right suitor.

MGM, the giant casino and entertainment company is said to be first in line.

The Wall Street Journal reported last week that Wynn Resorts President Matthew Maddox – himself an object of the Gaming Commission’s suitability investigation along with a number of others in the corporation – had held exploratory talks with an official of MGM.

Maddox and MGM refused to comment, as reported in the WSJ and Bloomberg News.

The Leader Herald reported for the past two weeks that Sheldon Adelson, the world’s fifth richest man, was interested in the Boston/Everett project. Adelson, the owner of the Venetian in Las Vegas and Macau casino operations failed to comment on such suggestions.

He also failed to deny the reports.

The mayor in his early weekend release said he was encouraged the Commission has begun the process of removing Mr. Wynn as a qualifier and participant in the gaming license.

However, Wynn himself has already sold all of his stock and left the company and wants out of anything to do with the suitability process. Part of Wynn’s exit, according to the company’s lawyers, is conditioned upon him not appearing anywhere for anyone, let alone the Massachusetts Gaming Commission, to answer questions of any kind.

The mayor said he is hoping the commission will allow Wynn Resorts to keep the license as along as any others found unsuitable in the company are let go to meet the state’s standards.